Directors Registration and Licensing Bill 2014
The Cayman Islands government has published the Directors Registration and Licensing Bill 2014, which seeks to regulate directors of certain entities established in the Cayman Islands. Following a short consultation period, it is anticipated that the law will be passed shortly in substantially the form of the bill. The subject entities, defined as ‘covered’ entities, include regulated mutual funds and ‘excluded persons’ under the Securities Investment Business Law.
There are three classes of directors that will be regulated: (1) ‘registered directors’, who comprise natural persons appointed as directors to fewer than 20 covered entities; (2) professional directors, who comprise natural persons appointed as directors for 20 or more covered entities; and (3) corporate directors, comprising bodies corporate appointed as directors for any covered entity.
The bill envisages that the law will apply to each category whether or not the director is resident in the Cayman Islands…
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